Case 2: Toyota Motors / Depreciation You are an analyst looking at the reasonableness of Toyota Motors's depreciation assumptions. Like most of the firms in their industry, Toyota uses straight-line depreciation. Part 1: First use the information below to estimate the average useful life of Toyota Motors's PPE during 2020. (Gross just means before accumulated depreciation, and you can calculate average gross PPE during 2020 as the average of the 2019 and 2020 values. Round all calculations to 2 decimal places. Toyota Motors Gross PPE Depreciation Expense 2020 24,457,088 1,605,383 2019 24,836,784 Company Estimated Average Useful Life ? TOYOTA MOTOR CORP VOLVO AB VOLKSWAGEN AG TESLA MOTORS INC NISSAN MOTOR CO LTD HONDA MOTOR CO LTD GENERAL MOTORS CO FORD MOTOR CO FIAT CHRYSLER 11.60 12.30 9.20 14.80 12.10 6.50 11.40 11.70 Part 2: Answer the following questions: 1. Calculate the industry mean estimated average useful life. 2. Determine how much Toyota Motors's pre-tax income would change if they had used asset useful life estimates similar to the industry mean (increase or decrease, and by what specific amount?). 3. Do you think Toyota's assumptions with respect to useful life seem reasonable? Why or why not